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TAXATION LAWS AMENDMENT BILL (NO. 5) 1986
INCOME TAX AMENDMENT BILL 1986

Order of the Day read for the adjourned debate on the motion of the Minister for Industry, Technology and Commerce (Senator Button)-That these Bills be now read a second time-And on the amendment moved thereto by Senator Michael Baume, viz: At end of motion, add "", but the Senate-

(a) expresses its concern over the excessive delay in the introduction of the legislation, relating as it does to measures announced as long ago as 19 September 1985;

(b) deplores the creation of uncertainty and confusion among taxpayers and in the business community due to the failure of the Government to present these and other measures to the Parliament within a reasonable time after their announcement;

(c) condemns the Government for imposing an excessive tax burden on business, thus inhibiting new investment in productive enterprises; and

(d) further condemns the Government for its mismanagement of the Australian economy which has resulted in:

(i) huge increases in food prices, which have increased by 8.6 per cent for the 12 months to December 1986,

(ii) large increases in the average home loan repayment as a proportion of medium family incomes which proportion, for the September quarter 1986, was 26.7 per cent,

(iii) falling disposable incomes for the majority of Australians caused by higher taxes as a consequence of taxpayers moving into higher Keating tax brackets,

(iv) low employment growth and continuing high levels of unemployment,

(v) continuing high current account deficits, averaging in excess of $1b. per month on our balance of payments, and

(vi) a record level of foreign debt, which has trebled since 1983, is currently approximately $100b., and is estimated to increase by a further 50 per cent over the next 3 years unless Government policies are changed.''.

Debate resumed.

Senator Watson addressing the Chair

And it being 2 p.m.-